Government measures announced last year by the Chancellor to tackle tax avoidance schemes appear to be paying off.
A recent illustration of this is HMRC’s high profile win in the Supreme Court against Rangers FC and its use of Employee Benefit Trusts (EBTs) to pay staff.
More than £47m was paid to dozens of staff members and players in tax-free loans, however HMRC successfully argued that these weren’t loans, but taxable income.
If you, or your business, have used tax avoidance schemes in the past, you could soon be receiving an Accelerated Payment Notice (APN) from HMRC. So what should you do if you receive an APN? (more…)